Kuwait Bank to adopt Cross-Border Payments via Ripple

The Kuwait Finance House (KFH) has been turned into the Arab nation’s first bank to join RippleNet, a blockchain network for international remittance payments
30 May 2018   489

The Kuwaiti bank declared its intension to join RippleNet, a SWIFT-replacement blockchain network that sees over 100 financial institutions including banks, payment providers, remittance operators and other financial establishments use the product for real-time clearing and settlement of international transactions.

KFH stated that with this move, KFH can supply instant and secure cross-border money transfers within few seconds, with end-to-end visibility over the journey of the payment. Details of the suggestion are presently scarce and it stays to be seen if the bank uses Ripple’s xCurrent, an enterprise blockchain software that allows settlements in fiat or xRapid, a product which uses Ripple’s token XRP for real-time liquidity for international proceedings.

As the bank claims it will demand the approval of the Central Bank of Kuwait (CBK) prior to the run of the Ripple service, KFH convinces that the clients will gain profits  from faster payments in increased efficiency, security and transparency of the transaction at markedly lower costs than traditional solutions.

The defacto central bank of Saudi Arabia, the Saudi Arabian Monetary Authority (SAMA), has also cooperated with Ripple to pilot Ripple’s xCurrent among a number of regional banks. The SAMA is also the first central bank in the world to join RippleNet.

Ripple to Plan to Target Chinese Market

It has became known that Ripple has plans for Chinese market as early as in March
16 August 2018   179

Ripple, the provider of financial solutions, plans to enter the Chinese market with its blockchain solution for international payments. This is reported by CNBC.

China is definitely of interest, it is definitely a target. China is definitely a country and region of interest.

Jeremy Light
Vice president of European Union strategic accounts, Ripple

It has became known that Ripple has plans for Chinese market as early as in March. As the head of the Ripple representative office in the Asia-Pacific region, Sagar Sarbhai, stated at the time, the company is actively negotiating with state institutions and banks of the PRC, regulating regulatory and legal issues, as well as educational work, telling about the advantages of new payment solutions.

Earlier, Ripple entered into a deal with a financial firm from Hong Kong LianLian International. The purpose of the agreement is the use of the xCurrent product by the Hong Kong company to create a system of international payments.

The Ripple product based on the distributed registry technology was originally created for the organization of fast and international payments. More than 100 financial organizations cooperate with the company, including UniCredit, UBS and Standard Chartered.

Against Ripple Labs there has been filed three lawsuits on charges of manipulating the price of the XRP token. At the same time one of the claims was rejected by the Northern District Court of California.